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    • IMO Secretary General Visits Nigeria, Dazed By Facilities

      Oct 2, 2025
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      Sep 27, 2025
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      Sep 27, 2025
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      Sep 27, 2025
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      Sep 26, 2025
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      Nov 18, 2021
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      Dec 7, 2020
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      Jul 26, 2020
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      Mar 19, 2022
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      Feb 9, 2022
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      Nov 2, 2016
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      Nov 1, 2016
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      Oct 31, 2016
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      May 1, 2025
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      Jun 5, 2018
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      Jan 12, 2018
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      Aug 15, 2016
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      Jul 23, 2016
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      Jul 22, 2016
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      Jul 16, 2016
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  • IMO Secretary General Visits Nigeria, Dazed By Facilities

  • Nigeria’s Blue Economy Minister Bemoans Maritime Financing Deficit

  • NIMASA Calls For Urgent Action To Reduce Maritime Funding Gaps

  • WMD 2025: “We Are Beneficiaries of The Oceans”-Dantsoho

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News
Home›News›CMA CGM Allays Fears Over CONVID19

CMA CGM Allays Fears Over CONVID19

By Editor
Mar 7, 2020
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Hopeful of year end returns

French shipping group CMA CGM said its operations in China were returning to normal after the coronavirus outbreak crippled traffic last month, forecasting the health emergency would have a limited impact on its results this year.

CMA CGM, the world’s fourth-largest container shipping firm, expects to return to normal fleet capacity in China from mid-March after seeing signs of industrial production picking up as of late February, it said in a results statement.

The new coronavirus, which brought parts of China to a standstill before spreading around the world, has led container lines to re-route cargoes and reduce calls to Chinese ports.

Market leader Maersk warned last month that the outbreak would weigh on earnings this year while analysts have been warning of a sharp downturn in global growth, or even recession.

But CMA CGM anticipates that restocking by companies and freight rate increases announced by container lines will support a second-quarter rebound in shipping, Chief Financial Officer Michel Sirat told Reuters.

“We’ll have to see if the longer term effects of the coronavirus could have a more structural impact. We don’t think that’s the case currently so we’re confident for 2020,” Sirat said.

The potential financial impact of the virus-related slowdown in China for CMA CGM was thought to be equivalent to 2-3% of 2019 core earnings of around $4 billion, Sirat said, suggesting an impact of around $100 million.

The group posted a net loss of $229 million for 2019, compared with a $34 million profit the previous year, citing the effects of an accounting rule change and the acquisition of loss-making Swiss firm CEVA Logistics.

Its shipping business increased its core operating margin to 5.8% from 4.9%, supported by $1.3 billion in cost savings, CMA CGM said.

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